After seven years of service, Mr Kell has resigned from the Australian Securities and Investments Commission, of which he has been deputy chair since 2013.
Mr Kell joined ASIC as a member in 2011 and was previously deputy chair of the competition regulator, the ACCC.
ASIC has a new commissioner, Danielle Press, starting this week and Mr Kell’s resignation will be effective from 6 December.
Josh Frydenberg thanked Mr Kell for his contribution to the regulator and wished him luck.
“The Coalition government thanks Mr Kell for his contribution to ASIC and wishes him well in his future endeavours,” he said.
The Coalition has announced Daniel Crennan QC as the new deputy chair with a key focus on enforcement action and will work under ASIC’s new chair James Shipton in his approach to increase the regulator’s strategic direction on proactive enforcement.
I am an ex-bank adviser who worked for Dover as an financial adviser. I appreciated working as an adviser for Dover because I was able to run my business free of conflicts of interest. Working at the bank I had to meet sales targets which meant recommending under performing funds to my clients. What can I say? It was part of the culture. Other ex-bank advisers would understand this… As an example, when I joined Dover I was encouraged to keep my clients in their industry super funds and if my clients wanted to invest in shares, then index funds were encouraged! How refreshing!! Needless to say, a great result for my clients.
Peter, can you please explain why you shut down Dover? The banks lost 100s of millions of dollars of clients’ money. We’re yet to find any client of Dover who has suffered financial loss.
Banks are currently being forced to compensate their clients’ millions of dollars for losses. Again, where are all the Dover clients who are being compensated? There aren’t any.
You shut down Dover because of their client protection policy. The same client protection policy you sat on for two years without ever raising any concerns!!! Please explain this to the 400 advisers who were left in the lurch when you revoked Dover’s license.
Dover cooperated fully in a voluntary audit which was conducted back in 2016, but again you never raised any concerns.
NAB was the subject of 111 breaches in 18 months. Over the same period, Dover had only three. NAB still have their license. How can this be?
Why does ASIC apply the penalties so inconsistently? Is it because you are funded by the banks to the tune of several hundred million dollars a year?
I truly cannot wait until Dover advisers get together and organize a class action against ASIC.
You are just another over-paid, under-performing public servant. See you in the witness box.
You owe every single ex-Dover adviser an explanation. Not to mention all the Dover employees who lost their jobs.
Terry, nice post ?
Putting clients into inhouse administered SMSFs is not “free of conflict of interest”.
Good! A conflicted individual stemming from his days at Choice. Should never have been appointed to his position at ASIC in the first place
Why aren’t we surprised. Like his fellow highly paid executives from the major banks who have reached their level of incompetence, he jumps ship when the heat is on. His total ineptitude to proprely regulate, prosecute and manage the industry he was supposed to be in charge of is disgusting. Having worked for the ASC in the begining, the current ASIC is full of lawyers who have absolutely no idea of how business works and are gutless to take on the major players. He will most likely get a cushy highly paid role with one of his ex-clients just like Mike Baird did. Unfortunately I have ethics and stardards that are sadly lacking in the financial sector and regulators. Profits before people rule!
Happy days!! Hopefully it wasn’t a nice farewell and he was pushed hard from inside. I also hope, given his ineptitude and outright dishonest dealings that has significantly badly financially affected planners, staff and clients alike, he loses a significant portion of his plush super benefits – though most unlikely.
I don’t have any ‘e’s in my name and I do have a clue. Straight to the top table then?
Shipton should be next… he oversaw the Dover demise
Interesting that lots of people have left ASIC recently….kinda like the AMP fallout except they’ll no doubt end up in cushy consultancy roles.
Can someone make sure he takes his blanket, pillows, sofa bed and pyjamas with him.
Now the axe needs to keep swinging and more heads need to roll at ASIC. These clueless red tape expert naval gazers need to be flushed out. Their are dozens more to go.
This is the BEST news! So happy ! 🙂
Ah yes, the man was forced to tell the PJC that the level of churning alleged by ASIC in Report 413 was largely non existent. All that bullshit about “churn”( never defined) to meet the banks need to sell their insurance arms with reducing new business costs because of LIF planned commission reductions. That’s two departures in 2 days
Yes, and then some years after ASIC belatedly identifies that the claims payout rates from advised channel (retail) is better than than non-advised channels (group, direct). With claims being a key issue at the Royal Commission.
Cart before the horse.
Thank God.
Thank Firetruck for that! Very glad to see him gone.
Kell had a smell of bias and utter contempt for ALL planners, regardless of what you were actually like as a professional or a person.
Hope nothing but the worst for that particular inept or corrupt individual.
Were there performance bonuses paid and how were they calculated ?
Peter Kell, head of compliance and government relations CBA
just wait they will roll out the red carpet for him.
quick terry get in line maybe you can snatch him after your come back when the federal court of australia exonerates you
The RC exposed the performance of ASIC’s Senior Executive Team as ‘underwhelming’, but Peter Kell was one of the few Executives that was credible, consistent and considered. Personally, while I don’t always agree with his conclusions, I respect his capability and value his predictability. If financial services reform has taught us anything, it’s that things can (and often do) get far worse.
Oh please, he orchestrated several misleading reports that detrimentally affected the planning profession and clients significantly. His departure was 7 years too late.
The Departed;
1. Meller
2. Brenner
3. Henderson
4. McMaster
5. Hagger
6. Kell
7. ?
Don’t forget Medcraft
Noted and there’s a theme. Anyone else in financial services with an “e” in their surname is doomed. BTW if you just have no idea in general, as some of these did, then you’re probably doomed as well.
Geez, I’ve got 2 E’s in my name…..
Goneskis…
I count 5…:D
It’s a pity it didn’t account for more heads at the FPA. The complaints process was exposed at the RC to be as soft as anything ASIC have done. Just shows you don’t have to be a “professional partner aka big licensee” of the FPA and pay big $ in order to corrupt them and their processes. As a FPA member I was very embarrassed by their actions yet they have taken no responsibility and no apology to its members. And FASEA exposing the CFP to be little more than just a cash cow for the FPA too…when one of my staff started the CFP she was told it was at Master’s level…apparently it’s not so as a practice manager I now have to fork out to get her compliant again. I should send the bill to Mr De Gori!
4 months too late for 400 advisers
Getting too hot in the kitchen eh Kell? GOOD RIDDANCE!
Talk about Fees for No Service – asleep at the wheel ASIC, yet these blokes have been paid big bucks to turn a blind eye to the Banks, AMP and Insurance Companies whilst they all thumb their noses at ASIC as they knew Kell and his mates would do absolutely nothing.
Which bank or insurance company will be employing Kell next for all his lovely and caring support whilst at ASIC.
yep.. just another useless public servant shuffling paper and adding no value to anyone.. just a massive junket.. getting paid big bucks for sweet f all. Good riddens
Was he the one that stood up next to the CPA financial advice channel and welcomed them publicly ???
No that was the other idiot, Medcraft…
ISA probs, he was even more chummy with them to the degree they avoided any investigation!